Environmental coverage is one that 10 or 15 years ago only a select few companies bought, primarily manufacturers that had obvious exposures. But environmental coverage has grown into a lot more than that over the last five years, said William P. Hazelton, executive vice president, environmental and construction for ACE Group, in a meeting with National Underwriter and PC360 at RIMS 2015.
In the U.S., environmental coverage, especially for contractors, is "a vital component" and is expanding, with increased demand as companies become more multinational. "It's a coverage contractors have in the U.S. so they buy it while working abroad too," he added.
Much of the value in environmental coverage is that it's a multi-year policy, which also covers regulatory risk and damage to reputation, added J. Craig Richardson, senior vice president, environmental risk, for ACE USA. The policies often provide expert catastrophe management services that include public relations assistance and legal counsel as well as business interruption coverage.
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Rosalie Donlon
Rosalie Donlon is the editor in chief of ALM's insurance and tax publications, including NU Property & Casualty magazine and NU PropertyCasualty360.com. You can contact her at [email protected].
